July 26 Shanghai aluminum morning review

Since the beginning of this week, stimulated by the completion of domestic macroeconomic policies, market sentiment has reversed 180 degrees, and the stock market and non-ferrous metals have ushered in a long-awaited rebound
.
From a fundamental point of view, aluminum prices fell below cost, and it is difficult to put new capacity into production to meet expectations
.
Environmental protection problems have led to restrictions on alumina production, in addition, the "blue sky defense" in the second half of the year has also formed a favorable policy for aluminum prices
.

In terms of fundamentals, the three-year action plan issued by the Ministry of Industry and Information Technology shows that the new production capacity of electrolytic aluminum in some regions has been suppressed, and the peak shift production of electrolytic aluminum will also affect the output, boosting the strength of aluminum prices, reflecting the rise in the center of gravity of Shanghai aluminum on the plate
.
However, due to the current off-season of consumption, prices are close to the upper pressure area, and aluminum prices may face the pressure
of industrial hedging in the short term.